AFRICA BANK RESCUE BREAKING…..South African depositors already being press-ganged into Bailin.

BY JOHN WARD

REPORTS REACH THE SLOG OF DEPOSIT CONFISCATION IN OTHER SA BANKS

Last Sunday, South Africa’s central bank placed African Bank Investments Ltd. under what it calls ‘curatorship”, scoping out ‘a plan’ to provide the doomed lender with nearly $1 billion in fresh capital. Most of the informed financial community already knows this. What they probably don’t know, however, is that the plan involves stealing the deposits of the country’s bank customers….and that the plan is already under way.

A South African Slogger has sent me this Facebook page capture:

africabankFitch Ratings said tonight, “We believe that the authorities may take confidence from their ability to impose losses on senior creditors of a small bank in an orderly fashion should a larger institution get into trouble in the future”. But the Facebook lady above is not a customer sorry, sorry creditor of Africa Bank, she is a depositor at ABSA bank…which is part of Barclays. Nevertheless, with a Zuma-za-zoooom, she’s been bailed in.

ABSA is one of five SA banks “underwriting” the salvation of ABIL – a bank whose lending policy made Northern Rock’s look positively conservative. It looks, however, as if the Big Five are blithely robbing customer to save wanker.

This is the future, folks. Doncha love it?

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  • http://www.lastmanstanding65.com Pied

    Private property rights have become a thing of the past. Will we have to resort to stuffing our mattresses for our savings, and it seems prudent to keep the bare minimum with banks now. There is certainly something very rotten in the state of banking…even in fringe areas far away from fraud central.

  • Crimes4ever

    If one learns the history of banking you will find that there was NEVER any honesty in banking it was a scam right from the very beginnings. The Federal Reserve actually started income tax the same year it was founded, 1913. And YES, IT IS ILLEGAL!